President BUHARI disclosed in a letter to the two chambers of the National Assembly that the Chinese financial institution has already approved the loan.
According to the Executive correspondence read that was read simultaneously in the Senate and the House of Representatives, the Chinese loan comes under the 2016-2018 external borrowing rolling plan of the Federal Government.
The President said the money would be used for the ongoing modernization and construction of rail projects across the country, as well as the rehabilitation and reconstruction of facilities in the Boko Haram ravaged North-East and to provide for veneration populations across Nigeria.
The sum of one point two billion dollars of the Chinese loan is meant for the modernization of the Lagos-Kano Rail line.
